Latest news with #Flutter
Axios
21 hours ago
- Business
- Axios
Illinois' new sports betting tax could hurt casual gamblers most
As football season nears, Chicago area sports bettors may be in for sticker shock. The big picture: Illinois' new state budget includes a tax hike for online sports gaming — $0.25 for the first 20 million wagers, then $0.50 for every bet after that — which will impact big sites like FanDuel and DraftKings, and their customers. Why it matters: FanDuel announced it will pass that tax onto consumers, instituting a $0.50 tax on every online wager come Sept. 1, just in time for football season, which generates the most sports betting revenue. DraftKings has signaled similar plans, but hasn't announced any hikes yet. Those are the only two online gaming sites to pass the 20 million wager mark in the state last year and generate close to 75% of the state's sports betting market. Zoom in: Both sites have put down roots in Chicago, opening brick-and-mortar sports books at Wrigley Field and the United Center. Company leaders were initially outraged by the state's new tax and even suggested they could end their operations in Illinois. They've since backed away from that stance, instead opting to pass the tax directly to customers. The intrigue: While online gaming is a multibillion-dollar industry, a large portion of the gamblers are casual users, placing smaller bets or running fantasy sports competitions. What they're saying: "We are disappointed that the Illinois Transaction Fee will disproportionately impact lower wagering recreational customers," Flutter CEO Peter Jackson said in a statement. Flutter is the parent company of FanDuel. "We also believe the introduction of the Illinois Transaction Fee will likely motivate some Illinois-based customers to bet with unregulated operators. These operators do not contribute tax revenue to the state." Flashback: Online gambling has exploded since states started legalizing it in 2018. By the numbers: Since Illinois legalized it in 2020, over 1.3 billion individual bets have been placed, wagering over $48 billion, according to the Illinois Gaming Board. FanDuel made $491 million last year, while DraftKings made $418 million. Together, both companies paid over $200 million in taxes. Yes, but: The state, which is facing budget deficits, wants more. Context: This isn't the first time Illinois has dipped into sports gambling revenue. Just last year, they passed a graduated tax system that taxed sites up to 40% based on revenue. This new tax adds on top of that. Between the lines: If sports gamblers leave these sites and use the black market, it would undermine the state's revenue goals. "Should the state reverse its decision at any point in the future, FanDuel will immediately remove the $0.50 transaction fee," Jackson said.
The Guardian
a day ago
- Business
- The Guardian
UK gambling industry launches summer charm offensive to head off tax rise
Gambling lobbyists are staging a summer charm offensive designed to stop ministers from raising taxes on the sector, the Guardian has learned, including meeting with Treasury insiders and hosting a darts evening with Labour special advisers and MPs' staff. The Treasury is considering whether to simplify the various rates of duty applied to gambling products, a measure that the £11.5bn-a-year sector fears would increase its overall tax bill. The Betting & Gaming Council (BGC), whose members include high street bookmakers and online casinos, is understood to have outlined its objections in a submission to the Treasury, based on a report written for the trade body by the accounting firm EY. But the BGC has also embarked on a back-channel lobbying push, according to emails sent to its members and seen by the Guardian. In at least one case, a social event was promoted to Labour staff directly by the Labour Staff Network (LSN), offering them the opportunity to attend and hear speeches. The event was a darts-themed evening, hosted by BGC and Flutter plc, the owner of Paddy Power, Betfair and SkyBet, an event the trade body said would help it 'continue building constructive engagement across Westminster'. At the event, more than 100 Labour staff and ministerial special advisers heard an address from the BGC chief executive Grainne Hurst, a former Ladbrokes executive and one-time aide to the former Conservative MP Philip Davies, who has railed against tax increases. The social at the end of June was promoted via the LSN, which is run by and for the staff of Labour MPs and is independent of party HQ. It was held in partnership with Prostate Cancer UK. A Flutter UKI spokesperson said: 'The Labour staffers event was a great opportunity for us to talk about our 'Big 180' partnership with Prostate Cancer UK – built around the World Darts Championship – which has so far encouraged 350,000 men to check out their risk of developing the disease.' As part of the charm offensive, the BGC's chair, the former Labour MP Michael Dugher, met Katie Martin, the chief of staff to Rachel Reeves, and was also 'in touch' with the chancellor herself, according to the emails. A source close to Reeves said she had no formal meeting with the BGC and would not ever have discussed the tax changes. Senior BGC figures also told members in emails that they had briefed Labour MPs including Jo Platt, Gareth Snell and Adam Jogee on tax, as well as meeting the sports minister Stephanie Peacock – who is Dugher's successor in his former Barnsley East seat. The emails said Dugher also met the special adviser to the government's chief whip, shortly after the bruising defeat on the welfare reform bill. They say BGC representatives attended a campaign fundraiser event for Labour's business champion Gregor Poynton MP and Imogen Walker, the parliamentary private secretary to Reeves, attended by the prime minister's chief of staff Morgan McSweeney, who is Walker's husband, and the UK's ambassador to the US, Peter Mandelson. The BCG also hosted events for the Tories, sponsoring the inaugural Conservatives in Sports drinks reception, addressed by the shadow culture minister, Stuart Andrew, and attended by the shadow gambling minister, Louie French, and the chair of the DCMS select committee, Caroline Dinenage. A BGC spokesperson said: 'It is entirely common and appropriate for trade bodies like the BGC to routinely meet with ministers, shadow ministers and MPs as well as officials and advisers across government. All donations and hospitality are consistent with the parliamentary and other rules and are fully declared and transparent. 'Ministers have been clear in public and in parliament that they would be meeting with the relevant stakeholders as part of the consultation on tax harmonisation proposals. That includes the BGC, which represents companies employing over 100,000 people and a sector enjoyed safely by millions of customers each month. 'The BGC also recently met with the minister leading the tax consultation, James Murray, as would be expected as part of any government consultation on measures which would impact businesses and customers.' It comes as the Treasury considers raising tax on the sector to help Reeves shore up the UK's ailing public finances. The industry took £15.6bn from British punters last year, of which £11.5bn went to betting and gaming organisations and the remainder to the national lottery and other lotteries. Sign up to First Edition Our morning email breaks down the key stories of the day, telling you what's happening and why it matters after newsletter promotion A number of Labour MPs are pushing to toughen up the government's approach to gambling – despite longstanding links of party veterans to the industry. Those who have joined the all-party parliamentary group on gambling include new MPs Beccy Cooper, Sarah Coombes, Alex Ballinger and Andrew Pakes. The MP Dawn Butler, who intends to run for mayor of London, and the mayor of Greater Manchester, Andy Burnham, have also been pushing to hand more power to councils to block the spread of 24-hour slot machine venues. Butler launched a campaign on Wednesday to stop the spread of high street betting shops, saying her own borough of Brent in north-west London had at least 102 venues, including betting shops, casinos, and adult gaming centres. 'Nearly one person a day dies by suicide linked to gambling addiction. This is a public health crisis, and it's time our planning laws reflect that and stop these gambling companies preying on communities that are often vulnerable and deprived,' she said. Butler has submitted a parliamentary motion, calling for legislative changes to the Gambling Act 2005 to give local authorities greater power to refuse new gambling premises where there is clear evidence of community harm – especially as these venues are being targeted in areas of deprivation. Gambling companies are projected to pay £3.6bn in duties this year, of which £1.2bn is 'remote gaming duty', a tax of 21% applied to online gambling. A further £713m is 'general betting duty' paid by high street bookmakers at a lower rate of 15%. One option under consideration is to harmonise the two rates. This has met vehement opposition from the horse-racing industry, which fears the impact on a sport whose finances are already under severe pressure. Senior figures from racing have made this case personally in a meeting with Reeves, according to one industry source. Some in racing are understood to have made clear they would not object to much higher taxes on online casino products, as long as the sport is left untouched. Several gambling industry sources said this could result in taxes on online gaming products, such as casino games and digital slot machines, being raised from 21% to as much as 35%. The Social Market Foundation (SMF) thinktank is preparing a report on how much could be raised by adjusting gambling taxes, putting forward several scenarios. At last year's budget, the Treasury considered but ultimately rejected a proposal from the SMF that would have doubled taxes on the most harmful gambling products to 41%.
Yahoo
5 days ago
- Business
- Yahoo
Flutter announces the pricing of $1,272 million aggregate principal amount of Additional Senior Secured Notes due 2031
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,DIRECTLY OR INDIRECTLY, IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO DUBLIN and TORONTO, July 24, 2025 (GLOBE NEWSWIRE) -- Flutter Entertainment plc ('Flutter') (NYSE:FLUT; LSE:FLTR), today announced the pricing of an offering (the 'Offering') of $625 million aggregate principal amount of 5.875% senior secured notes due 2031 issued at par, €300 million aggregate principal amount of 4.000% senior secured notes due 2031 issued at par, and £250 million aggregate principal amount of 6.125% senior secured notes due 2031 issued at 100.125% (collectively, the 'Notes') by its subsidiary Flutter Treasury DAC (the 'Issuer'). The Notes will constitute a further issuance of the Issuer's 5.875% senior secured notes due 2031, 4.000% senior secured notes due 2031 and 6.125% senior secured notes due 2031 that were each issued on June 4, 2025. An application will be made for the Notes to be admitted to trading on The International Stock Exchange. The Offering is subject to customary closing conditions, and settlement is expected to occur on or around August 7, 2025. Flutter today also announced that it has priced its new U.S. dollar-denominated term loan B facility (the 'Fourth Incremental TLB Facility'). The proceeds from the Offering and the Fourth Incremental TLB Facility are expected to be utilized to fund the purchase price for the acquisition of the outstanding 5% minority interest in FanDuel and the extension of our long-term strategic partnership with Boyd Interactive Gaming Holdings, L.L.C.. The Issuer expects to utilize cash on balance sheet to pay certain costs, fees and expenses incurred in connection with the foregoing transactions. About Flutter Entertainment plc Flutter is the world's leading online sports betting and iGaming operator, with a market leading position in the US and across the world. Our ambition is to leverage our significant scale and our challenger mindset to change our industry for the better. By Changing the Game, we believe we can deliver long-term growth while promoting a positive, sustainable future for all our stakeholders. We are well-placed to do so through the distinctive, global competitive advantages of the Flutter Edge, which gives our brands access to group-wide benefits to stay ahead of the competition, as well as our clear vision for sustainability through our Positive Impact Plan. Flutter operates a diverse portfolio of leading online sports betting and iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Snai, tombola, Betfair, MaxBet, Junglee Games, Adjarabet and Betnacional. To learn more about Flutter, please visit our website at EnquiriesInvestor Relations: Relations: corporatecomms@ Cautionary Statement The Notes will be offered only to qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside the United States pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the 'Securities Act'), subject to prevailing market and other conditions. There is no assurance that the offering will be completed or, if completed, as to the terms on which it is completed. This press release is not an offer to sell the Notes in the United States or in any other jurisdiction and is issued pursuant to Rule 135c under the Securities Act of 1933. The Notes to be offered have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold, directly or indirectly, in the United States or to or for the account or benefit of U.S. persons, as such term is defined in Regulation S of the Securities Act, absent registration or unless pursuant to an applicable exemption from the registration requirements of the Securities Act and any other applicable securities laws. If any public offering of the Notes is made in the United States, it will be by means of a prospectus that may be obtained from the Issuer that will contain detailed information about the Issuer, Flutter and management, as well as financial statements. No public offering of the Notes will be made in the United States in connection with the above-mentioned transaction. This press release has been prepared on the basis that any offer of the Notes in any member state of the European Economic Area ('EEA') will be made pursuant to an exemption under Regulation (EU) 2017/1129, as amended (the 'Prospectus Regulation') from the requirement to publish a prospectus for offers of notes. This press release has been prepared on the basis that any offer of the Notes in the United Kingdom will be made pursuant to an exemption under the Prospectus Regulation, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the 'UK Prospectus Regulation') and the Financial Services and Markets Act 2000 from the requirement to publish a prospectus for offers of notes. The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, 'MiFID II'); (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II, or (iii) not a qualified investor as defined in the Prospectus Regulation. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the 'PRIIPs Regulation') for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. This press release does not constitute and shall not, in any circumstances, constitute an offering to retail investors. The offer and sale of the Notes in any member state of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of notes. The preliminary offering memorandum produced for the offering of the Notes is not a prospectus for the purposes of the Prospectus Regulation. This press release does not constitute an offer of securities to the public in the United Kingdom. In the United Kingdom, this press release is being distributed only to, and is directed only at persons who are 'qualified investors' (as defined in the UK Prospectus Regulation) who are (i) persons having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the 'Order'), (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) persons to whom it would otherwise be lawful to distribute it, all such persons together being referred to as 'Relevant Persons.' In the United Kingdom, the preliminary offering memorandum produced for the offering of the Notes and this press release are being distributed only to and directed only at Relevant Persons and must not be acted on or relied upon by persons who are not Relevant Persons. In the United Kingdom, any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. In the United Kingdom, the Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Notes will be engaged in only with, Relevant Persons, as the preliminary offering memorandum produced for the offering of the Notes and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by any recipients to any other person. Any person in the United Kingdom that is not a Relevant Person should not act or rely on the preliminary offering memorandum produced for the offering of the Notes or this press release or its contents. The Notes described in the preliminary offering memorandum are not being offered to the public in the United Kingdom. MiFID II professionals / ECPs-only / No PRIIPs KID – Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail investors in the EEA or the United Kingdom. Forward-Looking Statements This press release may include forward-looking statements. These forward looking statements can be identified by the use of forward looking terminology, including the terms 'outlook,' 'believe(s),'expect(s),' 'potential,' 'continue(s),' 'may,' 'will,' 'should,' 'could,' 'would,' 'seek(s),' 'predict(s),' 'intend(s),' 'trends,' 'plan(s),' 'estimate(s),' 'anticipates,' 'projection,' 'goal,' 'target,' 'aspire,' 'will likely result' and other words and terms of similar meaning or the negative versions of such words or other comparable words of a future or forward-looking nature. These forward-looking statements include all matters that are not historical facts and include statements regarding Flutter's or its affiliates' intentions, beliefs or current expectations concerning, among other things, Flutter's or its affiliates' results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which they operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking statements are not guarantees of future performance and that Flutter's or its affiliates' actual results of operations, financial condition and liquidity, and the development of the industries in which they operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if Flutter's or its affiliates' results of operations, financial condition and liquidity, and the development of the industries in which they operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
Flutter Entertainment to Report Second Quarter 2025 Update and Host a Conference Call on August 7, 2025
DUBLIN and TORONTO, July 24, 2025 (GLOBE NEWSWIRE) -- Flutter Entertainment ("Flutter") (NYSE:FLUT, LSE:FLTR), the leading online sports betting and iGaming operator, today announced that it will release its second quarter 2025 update after market close on August 7, 2025 at 4:05 p.m. EDT (9:05 p.m. BST). All related materials will be available through the "Investors" section of the Flutter website at Flutter management will host a conference call on August 7, 2025 at 4:30 p.m. EDT (9:30 p.m. BST) to review the results and be available for questions, with access via webcast and telephone. A public audio webcast of management's call and the related Q&A can be accessed by registering here or via For those unable to listen to the live broadcast, a replay will be available approximately one hour after conclusion of the call. Analysts and investors who wish to participate in the live conference call must do so by dialling any of the numbers below and using conference ID 20251. Please dial in 10 minutes before the conference call begins. +1 888 500 3691 (North America)+44 800 358 0970 (United Kingdom)+353 1800 943926 (Ireland)+61 1800 519 630 (Australia)+1 646 307 1951 (International) About Flutter Entertainment plc Flutter is the world's leading online sports betting and iGaming operator, a market leading position in the US and across the world. Our ambition is to leverage our size and our challenger mindset to change our industry for the better. By Changing the Game, we believe we can deliver long-term growth while promoting a positive, sustainable future for all our stakeholders. We are well-placed to do so through the distinctive, global advantages of the Flutter Edge, which gives our brands access to group-wide benefits, as well as our clear vision for sustainability through our Positive Impact Plan. Flutter operates a diverse portfolio of leading online sports betting and iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Snai, tombola, Betfair, MaxBet, Junglee Games, Adjarabet and Betnacional. To learn more about Flutter, please visit our website at EnquiriesInvestor Relations: Relations: corporatecomms@ This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
Flutter Entertainment to Report Second Quarter 2025 Update and Host a Conference Call on August 7, 2025
DUBLIN and TORONTO, July 24, 2025 (GLOBE NEWSWIRE) -- Flutter Entertainment ("Flutter") (NYSE:FLUT, LSE:FLTR), the leading online sports betting and iGaming operator, today announced that it will release its second quarter 2025 update after market close on August 7, 2025 at 4:05 p.m. EDT (9:05 p.m. BST). All related materials will be available through the "Investors" section of the Flutter website at Flutter management will host a conference call on August 7, 2025 at 4:30 p.m. EDT (9:30 p.m. BST) to review the results and be available for questions, with access via webcast and telephone. A public audio webcast of management's call and the related Q&A can be accessed by registering here or via For those unable to listen to the live broadcast, a replay will be available approximately one hour after conclusion of the call. Analysts and investors who wish to participate in the live conference call must do so by dialling any of the numbers below and using conference ID 20251. Please dial in 10 minutes before the conference call begins. +1 888 500 3691 (North America)+44 800 358 0970 (United Kingdom)+353 1800 943926 (Ireland)+61 1800 519 630 (Australia)+1 646 307 1951 (International) About Flutter Entertainment plc Flutter is the world's leading online sports betting and iGaming operator, a market leading position in the US and across the world. Our ambition is to leverage our size and our challenger mindset to change our industry for the better. By Changing the Game, we believe we can deliver long-term growth while promoting a positive, sustainable future for all our stakeholders. We are well-placed to do so through the distinctive, global advantages of the Flutter Edge, which gives our brands access to group-wide benefits, as well as our clear vision for sustainability through our Positive Impact Plan. Flutter operates a diverse portfolio of leading online sports betting and iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Snai, tombola, Betfair, MaxBet, Junglee Games, Adjarabet and Betnacional. To learn more about Flutter, please visit our website at EnquiriesInvestor Relations: Relations: corporatecomms@ This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit
